{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{3}{c}}
\toprule
                &\multicolumn{1}{c}{\shortstack{Personal\\unemployment}}&\multicolumn{1}{c}{\shortstack{Job\\loss}}&\multicolumn{1}{c}{\shortstack{Job\\finding}}\\\cmidrule(lr){2-2}\cmidrule(lr){3-3}\cmidrule(lr){4-4}
                &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}\\
\midrule
                &         &         &         \\
{\bf Panel A: Industry}&         &         &         \\
                &         &         &         \\
Posterior: Recession (a)&0.174\sym{**}&    0.213&   -0.101\\
                &  (0.086)&  (0.149)&  (0.216)\\
                &         &         &         \\
Posterior: Recession $\times$ (b) &   -0.179&   -0.343&   -0.072\\
Non-cyclical industry&  (0.133)&  (0.254)&  (0.403)\\
                &         &         &         \\
 Pr(a+b)=0      &    0.962&    0.523&    0.610\\
                &         &         &         \\
Observations    &     1087&     1088&     1087\\
\hline          &         &         &         \\
{\bf Panel B: Personal}&         &         &         \\
{\bf unemployment history}&         &         &         \\
                &         &         &         \\
Posterior: Recession (a)&0.478\sym{**}&0.713\sym{**}&   -0.676\\
                &  (0.220)&  (0.355)&  (0.426)\\
                &         &         &         \\
Posterior: Recession $\times$ (b) &-0.450\sym{*}&-0.767\sym{**}&    0.617\\
Never unemployed&  (0.230)&  (0.377)&  (0.475)\\
                &         &         &         \\
 Pr(a+b)=0      &    0.684&    0.671&    0.773\\
                &         &         &         \\
Observations    &     1123&     1124&     1123\\
\hline          &         &         &         \\
{\bf Panel C: County}&         &         &         \\
{\bf unemployment}&         &         &         \\
                &         &         &         \\
Posterior: Recession (a)&0.233\sym{**}&    0.176&-0.510\sym{*}\\
                &  (0.097)&  (0.164)&  (0.270)\\
                &         &         &         \\
Posterior: Recession $\times$ (b) &-0.253\sym{*}&   -0.214&0.653\sym{*}\\
Low county unemployment&  (0.139)&  (0.239)&  (0.382)\\
                &         &         &         \\
 Pr(a+b)=0      &    0.845&    0.829&    0.597\\
                &         &         &         \\
Observations    &     1105&     1106&     1105\\
\bottomrule
\end{tabular}
}
